A group of investors wants to open up a jewelry store in a new shopping center. The investors are trying to decide whether to stock the store with inexpensive jewelry, medium-priced jewelry, or expensive jewelry. The probability of their choice depends upon the economic conditions. The payoff table below gives the anticipated profits for different states of the economy. The probability of prosperity is 0.5. 
a.Determine the expected value of each alternative and indicate which decision alternative is the best.
b.Determine the expected value with perfect information about the states of nature.
c.Determine the expected value of perfect information.
Definitions:
Four-Day
A work schedule that compresses the typical workweek into four days instead of the traditional five.
Telecommuting
Use of personal computers, networks, and other communications technology to do work in the home that is traditionally done in the workplace.
Technical Aspects
Pertains to the specific details, skills, or methods related to a particular field of study or area of expertise.
Flextime
Flexible working hours that permit employees the option of choosing daily starting and quitting times provided that they work a set number of hours per day or week.
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